‘Looming Catastrophe’ in South Africa as Unemployment Climbs to More Than 26 Percent
South Africa’s unemployment rate has soared to record levels, confirming the growing fears of stagnation in Africa’s most industrialized economy.
Analysts had expected a rise in joblessness after South Africa struggled with falling commodity prices and the Chinese slowdown, but the jump was much greater than expected. The country’s biggest labour federation said the numbers were “shocking and depressing” and called for urgent action to avert a “looming catastrophe.”
